IGM Financial (TSE:IGM) Sets New 52-Week High – Should You Buy?

IGM Financial Inc. (TSE:IGM) reached a new 52-week high on Tuesday . The company traded as high as C$49.35 and last traded at C$49.33, with a volume of 1011646 shares traded. The stock had previously closed at C$48.35.

Wall Street Analysts Forecast Growth

A number of research firms recently commented on IGM. Jefferies Financial Group boosted their target price on IGM Financial from C$42.00 to C$46.00 in a research report on Wednesday, July 30th. TD Securities boosted their target price on IGM Financial from C$55.00 to C$57.00 and gave the stock a “buy” rating in a research report on Friday, August 8th. Scotiabank increased their price target on IGM Financial from C$56.00 to C$57.00 and gave the stock a “sector perform” rating in a report on Thursday, August 7th. Royal Bank Of Canada increased their target price on IGM Financial from C$46.00 to C$49.00 and gave the company a “sector perform” rating in a research report on Friday, August 8th. Finally, National Bankshares raised their price objective on IGM Financial from C$56.00 to C$58.00 and gave the stock an “outperform” rating in a research report on Friday, August 8th. Two investment analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Hold” and an average price target of C$52.29.

IGM Financial Price Performance

The stock has a 50 day simple moving average of C$45.09 and a two-hundred day simple moving average of C$44.25. The firm has a market cap of C$11.76 billion, a PE ratio of 12.64, a price-to-earnings-growth ratio of 4.09 and a beta of 1.53. The company has a debt-to-equity ratio of 97.24, a quick ratio of 0.31 and a current ratio of 3.61.

IGM Financial Cuts Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, October 31st. Investors of record on Friday, September 26th will be paid a $0.562 dividend. This represents a $2.25 annualized dividend and a dividend yield of 4.6%. IGM Financial’s dividend payout ratio is presently 57.64%.

About IGM Financial

IGM Financial is the largest non-bank-affiliated asset manager in Canada. The firm is part of the Power Financial group of companies, which includes Great-West Life, London Life, Canada Life, and Putnam Investments. IGM has two main operating divisionsasset management (operated through Mackenzie Investments) and wealth management (via its Investors Group Wealth Management and Investment Planning Counsel subsidiaries)that provide investment management products and services.